Buy-sell
Triangle formation on 15mins Chart - BPCLDear Traders
Triangle formation of BPCL in 15mins chart and it may break either side.
Hurdle for long - EMA 50 lying above the price and it will act as a Resistance.
Other indicators like MACD, Stochastic and RSI looking bullish.
No trade until the price break the triangle.
Descending Triangle in 15mins chart - Trade 1 (Nov 15, 2016)Dear Traders,
Descending triangle formation in 15 mins Chart of Arvind. Will it break the support or move to resistance ?
Buy or Sell - will decide on Tuesday (15/11/2016)
Buy above 376
Target - 380.5
Points gain - 4.5
Sell below 368
Target - 362
Points gain - 6
Happy Trading...!
Classical Chart patterns in play ArvindThe chart has made a Cup with handle pattern but getting overhead resistance before reached the target. It has also formed beautiful triple drive on the top pattern and bearish engulfing in the last bar, therefore I would recommend to short it at current level with stop loss just at the high made a bar ago(on closing basis). With little bearish strength it could easily reach up to 320 level giving a good risk reward ratio.
Alternatively it may retest the 344 level and bounce from there to reach the target for the cup with handle pattern.
Let's see and watch!